Posted by Gail | Filed under Credit Wise, Home Buying, This & That Everyone wants to know whether or not to consolidate their consumer debt onto their mortgage.

Well, it depends on whether you’re doing it to reduce your interest costs, or to buy room on your credit card so you can keep shopping!

Then you’ll only have one monthly payment: the loan, the credit card or the debt management plan.

Try adjusting the terms, loan types or rate until a consolidation plan fits your needs - and most importantly your budget!

You’ll need a good to excellent credit score — above 690 — to qualify for most cards.

Make a budget to pay off your debt by the end of the introductory period, because any remaining balance after that time will be subject to a regular credit card interest rate.

Most issuers charge a balance transfer fee of around 3%, and some also charge an annual fee.

Before you choose a card, calculate whether the interest you save over time will wipe out the cost of the fee.